MARVIN MANDEL, Governor                            2287

SECTION 4. AND BE IT FURTHER ENACTED, That so much
thereof as may be necessary shall be paid by the
Treasurer of the State upon the warrant of the
Comptroller out of the proceeds of the sale of said bonds
for the payment of the expense of engraving, printing and
other outlays connected with the issue of the loan hereby
authorized, and for the payment of the advertising
directed by this Act, and all other incidental expenses
connected with the execution of its provisions in
connection with said loan.

SECTION 5. AND BE IT FURTHER ENACTED, That the
actual cash proceeds of the sale of the bonds to be
issued under this Act shall be paid to the Treasurer of
the State upon the warrant of the Comptroller and such
proceeds shall be used exclusively for the following
purposes, to wit:

1.   The Comptroller, immediately upon the sale of
and payment for said bonds, first, shall return to and
credit the Treasury for a sum equivalent to the amount
expended under Section 4 of this Act.

2.  The remainder of the proceeds of such loan shall
be credited on the books of the State Comptroller, to be
expended as needed by the State, upon approval by the
Board of Public Works for the purpose of funding the
Maryland Housing Fund, in accordance with Article 41,
Section 257K of the Annotated Code of Maryland (1971
Replacement Volume and 1973 Cumulative Supplement, as
from time to time amended or replaced).

SECTION 6. AND BE IT FURTHER ENACTED, That all
funds which may be appropriated at any time, or from time
to time, by the General Assembly in any annual State
Budget Bill for the payment of principal and interest on
bonds issued pursuant to this Act shall be deposited in
the Annuity Bond Fund by the State Comptroller to be
applied to the payment of principal and interest on bonds
issued pursuant to this Act.

SECTION 7. AND BE IT FURTHER ENACTED, That until
all of the interest on [[an]] and principal of any bonds
issued under this Act shall have been paid in full, there
is hereby levied and imposed an annual State tax on each
$100 of assessable property at the rate to be determined
in the following manner: On or before May 1 1975, and on
or before May 1 in each taxable year thereafter, the
Board of Public Works shall certify to the governing
bodies of each of the counties and Baltimore City the
rate of State tax on each $100 of assessable property